How’s The Obama Refinance Doing?
I guess that all depends on who you ask but I know it isn’t working as well as they had hoped and doing very little for people in South Florida because we had so much depreciation. Remember, this product is only for primary residences and with so many speculators during the boom years buying second homes and investment properties, few are getting help.
Hopefully more is done about it and according to this article it is supposed to. “Officials say that the program is expected to ramp up more fully later this year as it irons out technical hurdles. Logistical problems, from difficulty addressing second mortgages to mortgage insurance, have raised confusion and contributed to delays as borrowers work with their lenders who are charged with administering the program.”